THG OnDemand which includes Zavvi and I Want One of Those has been sold to its management team who have secured funding from Gordon Brothers. Going forward the carve-out will continue to be a client of THG Ingenuity.
Matthew Moulding CEO THG said: “Through the years, our incubator division OnDemand has cultivated our talent, technology and trading strategies.
“It’s bitter because the division holds a special place for me and THG. Yet it’s sweet because the long-serving management team now own it. They’ve more than earned the opportunity.
“Leigh Amery joined THF as a finance trainee 18.5 years ago. After training to be an accountant, Leigh moved into various commercial roles becoming MD of OnDemand c.4 years ago. He and his 50-person team deserve the right to shape the next chapter for OnDemand.
“Everything at THG has been born out of this division through the years. It’s the original THG business we started nearly 20 years ago. 6 months after start-up, we couldn’t survive by selling CDs alone, so Ingenuity was formed, selling our brief expertise to other retailers and competitors. We quickly won big contracts with the likes of Asda and Tesco, which saved us.
“I’m delighted to see management and Gordon Brothers continuing the fantastic work of the OnDemand team.”